State-run Romanian Black Sea shipyard Santierul Naval Constanta expects to cut losses this year and to upgrade facilities to make it more attractive ahead of its sell-off, an official said. "Declining traffic in the Constanta Port last year, mainly due to the Yugoslav conflict, has affected our 1999 results," Dan Mocanu, head of the shipyard's privatization department, said. He said the shipyard had losses of $21.9 million last year, but revived port activity was expected to trim these to $7.8 million by end-2000. "We are expecting increased activity, with more vessels to be repaired and new ones built this year, to cushion part of last year's losses," he said. Mocanu said the yard, which repairs about 200 ships a year, was expected this year to sign a contract worth about $19 million with Germany's Ferrostaal Essen and another $12 million contract with Thyssen-Krupp group. The shipyard has a share capital of around $10.3 million and company officials say it needs an annual $50 million in contracts to operate profitably.
Arab Shipbuilding and Repair Yard Company (Asry) said that it expected net operating income to reach about $135 million by the end of this year, compared to $111 million last year. The board praised the notable improvement in sales and net profit after depreciation till the end of October, which is estimated at $11.5 million, an 88 percent increase over the net profit for the same period last year of $6.1 million.
Newport News Shipbuilding reported net earnings of $20 million, or $.58 per diluted share for the third quarter of 1999. Earnings before interest and taxes (EBIT) for the quarter were $47 million, up 9 percent from EBIT of $43 million in the same period last year. NNS posted third quarter revenues of $451 million versus $462 million in the third quarter last year.
Houma, La.-based Gulf Island Fabrication reported steady earnings and higher revenue recently. The company’s net income during the quarter that ended Sept. 30 was $10m, the same amount it earned for the period one year ago. On a diluted per share basis, Gulf Island earned 70 cents in the recent quarter, compared with 72 cents last year. However, Gulf Island reported revenue for the recent quarter was $124.9m, up from $89.7m last year.
Offshore oil driller Global Marine Inc. announced that first quarter earnings fell sharply compared with the same period of 1999, but showed signs of stabilization after a steady decline in earnings since mid-1998. After a restructuring charge, net income fell to $12.6 million from $36.8 million in the first quarter of 1999. Its earnings were more or less steady with the final quarter of last year. Revenues totaled $204 million compared to $228 million in the comparable period last year
According to a report from Ebeling Heffernan, China Shipbuilding Industry Co. (CSIC), the country’s northern shipbuilding giant, said its net profit last year rose 7.28% to about $246b. Due to a recovery in the Global shipbuilding market and a rise in orders, shipbuilding business has increased business 38.17% from the same period last year, it said. (SourceL Ebeling Heffernan)
Shares of Neptune Orient Lines Ltd (NOL) slumped as much as 6.8 percent on Monday morning after it said it expects to book a profit for the full year but that the results would be much lower than the previous year. The world's sixth largest container ship operator fell to a 17-month low of S$1.08 before crawling back to S$1.11, down $0.05 in moderate trade of more than two million shares. The Singapore Exchange had suspended the stock after its president and CEO Flemming Jacobs warned of
Import cargo volume at the nation’s major retail container ports is expected to be up nine percent in December over the same month last year, and 2010 should end with a 17 percent increase over last year, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates. “The nation’s improving economy has been reflected in the amount of merchandise imported by retailers this year
U.S. ports continued to post positive tonnage numbers in October. The Seaway’s year-to-date total cargo shipments from March 22 to October 31 were 29 million metric tons, up 2 percent from the same period last year. “With just two months left in the 2011 navigation season, the Seaway is on track to meet its projected seven percent improvement over last year’s tonnage performance,” says Rebecca Spruill
Import volume at the nation’s major retail container ports is expected to drop 8.4 percent in February from the same time last year as the shipping cycle reaches its slowest month of the year, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates. “Ports and distribution centers are getting the break they deserve after the busy holiday season, but it won’t last long
The Hamburg Port Authority (HPA) will implement the new Port Railway IT system, transPORT rail, in the night of 27 to 28 September 2014. To keep disruption on the tracks to a minimum, the switchover will take place overnight. The new system is another milestone in the HPA’s
The arrival of the cruise ship Norwegian Star at Lerwick Harbour today (Thursday 25 September) marks the end of the Shetland port's best season yet, with two records achieved. Passenger numbers reached a new high at 43,056, topping the previous record of 37,572 in 2012
Vessel to Provide World's Highest Level of Energy Efficiency, with Specifications Enabling Passage through New Panama Canal. Mitsubishi Heavy Industries, Ltd. (MHI) has received an order from Astomos Energy Corporation for a very large liquefied petroleum gas (LPG) carrier
Inspection, maintenance and repair (IMR) specialist N-Sea has recently completed its inaugural diving scope with the TUP Diving System (Transfer Under Pressure). The diving scope involved x-mas tree assistance with the deployment of the TUP Diving System for client ONE (Oranje-Nassau Energie)
Container cargo shipments declined by 9.1 percent in August at the Port of Long Beach, reflecting both early shipping by importers this year and the comparison to an August last year that was the Port’s busiest month since 2007.
Will the 2014/15 winter tanker market be a repeat of the previous one? Poten & Partners consider the question in their latest 'Poten Tanker Opinion'. As the regular US baseball season is winding down, the fans are looking forward to the playoffs
Two of China's largest port operators and engineering firms have agreed to invest in a $601 million terminal in Sri Lanka's Hambantota port, part of a series of deals signed during a visit by President Xi Jinping to the island nation. Keen to establish its presence in the Indian Ocean
Huntington Ingalls Industries (HII) launched the Virginia-class submarine John Warner (SSN 785) into the James River on September 10 at the company's Newport News Shipbuilding division, kicking off the final outfitting, testing and crew certification phase of construction prior to sea trials next
SC Ports Authority reported container volumes up 13 percent fiscal year to date, a strong start to the first two months of the fiscal calendar. The SCPA handled 163,970 twenty-foot equivalent units (TEUs) in August, in increase from 144
Chevron Corp has hired an investment bank to identify potential buyers of its 54,000 barrel-a-day refinery in Kapolei on the Hawaiian island of Oahu, a company official said. Deutsche Bank AG was retained to sell the plant, according to another person familiar with the sale
After the referendum debate on Scottish independence Guy Platten, Chief Executive Officer of the UK Chamber of Shipping has called for the divisions created by the campaign to be healed. Mr Platten, who left Scotland and his role as Chief Executive of Caledonian Maritime Assets last year
Damen Shipyards and SeaZip Offshore Service signed another contract for two Damen Fast Crew Suppliers (FCS) 2610 at Wind Energy in Hamburg. The two new vessels, to be named SeaZip 3 and SeaZip 4, will be mobilized in transporting personnel and small quantities of freight to North Sea offshore wind
Drewry inform that the 2014 edition of their Annual Review of Global Container Terminal Operators is now available to purchase online. Drewry add that this industry review, with forecasts, has some of the most insightful and detailed analysis available in the market today
Kuwait said on Wednesday it would ship around two million barrels of crude oil in early October to Egypt, giving it priority as a buyer ahead of sales from storage into the Mediterranean market. The deal for two million barrels a month of Kuwaiti crude was signed this week with the Arab
Liquefied Natural Gas Limited has appointed Paul J. Cavicchi as a Non-Executive Director of the Company with effect from 1 October 2014. Based in Houston, Paul brings over 25 years leadership experience in the international energy industry across a range of gas nd power projects